Report on Payments to Governments

RNS Number : 7511J
Ferrexpo PLC
30 June 2017
 

 

30 June 2017                                                                                                                                                                                                                                                                                                                                              

FERREXPO plc

 ("Ferrexpo" or the "Company")

 

Report on Payments to Governments for the year ended 31 December 2016

Ferrexpo today provides information in accordance with DTR 4.3A in respect of payments made by the Company and its subsidiaries to governments for the year ended 31 December 2016 and in compliance with The Reports on Payments to Governments Regulations 2014, as amended (the Regulations).

 


Production entitlements

Taxes paid

Royalties paid

Dividends paid

Bonuses paid

Licenses and concessions paid

Infrastructure improvements paid

Total (US$'000)

Ukraine









   State treasury: State budget

                      -

              537

            10,319

-  

-  

-  

-  

            10,856

   State treasury: Regional budget

                      -

              1,405

              3,440

-  

-  

-  

-  

              4,845

   State treasury: Local budget

                      -

              2,235

                     1

                    -  

                    -  

                    -  

                    -  

              2,236

   Total Ukraine

                      -

            4,177

            13,760

                      -

                      -

                      -

            17,937

Grand Total

                      -

            4,177

            13,760

                      -

                      -

                      -

            17,937

 

In 2016, Ferrexpo received a tax refund of US$27 million related to the equivalent of US$138 million of corporate profit tax that was prepaid in Ukraine from 2012 to 2015 (using historic exchange rates). The outstanding balance of prepaid corporate profit tax as of 31 December 2016 was US$16 million.

 

Basis of preparation:

1.            The Company regards payments relating to the Group's mining operations in Ukraine as interconnected projects for the purposes of the Regulations.

2.            Taxes paid includes taxes levied on the income, production or profits of companies but excludes any taxes levied on consumption such as value added taxes, personal income taxes or sales taxes.

3.            Payments made in currencies other than US Dollars are translated at the average foreign exchange rate for the relevant quarter.

This report is available for download at www.ferrexpo.com.

 

For further information contact:

 

Ferrexpo:                            


Ingrid McMahon

+44 207 389 8304

 

Maitland:


James Isola

+44 207 379 5151



Notes to Editors:

Ferrexpo is a Swiss headquartered iron ore company with assets in Ukraine. It has been mining, processing and selling high quality iron ore pellets to the global steel industry for 40 years. Ferrexpo's resource base is one of the largest iron ore deposits in the world. The Group is currently the 3rd largest exporter of pellets to the global steel industry and the largest exporter of pellets from the Former Soviet Union. In 2016, it produced 11.2 million tonnes of pellets reflecting a 2% increase in production of the Group's highest quality pellets to a record 10.5 million tonnes. Ferrexpo has a diversified customer base supplying steel mills in Austria, Slovakia, the Czech Republic, Germany and other European states, as well as in China, India, Japan, Taiwan and South Korea. Ferrexpo is listed on the main market of the London Stock Exchange under the ticker FXPO and is a member of the FTSE 250 index. For further information, please visit www.ferrexpo.com

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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